OLD CURRENCIES STILL DOMINATING THE MARKET What is Central Bank’s stance on this?



The old bank notes are still dominating the Market for almost 10 months now.

These new denominations came into existence since February 2015, and according to the Central Bank the old bank notes would continue to be legal tender and be in circulation until they are fully withdrawn overtime. A visit to business centres and markets have revealed that the old notes are very much dominant in transaction.

This reporter spoke to different people from diverse business entities during the weekend regarding how their businesses are fairing with the new currency. Lamin Bah, a businessman who deals in second hand clothings, stationary and other businesses in Banjul said that 80-90 per cent of his daily business sales are transacted using the old bank notes. He said he hardly sees these new notes especially the two hundred Dalasi and 100 Dalasi denominations.“Sometimes people would give me the D200 and forget to request for their change, and I had to tell them that they have change with me. I think still now people are not use to the new currency much due to the dominance of the old Currency,” asserted Bah.

A tailor Sulayman Ceesay in the Kanifing Municipality, noted that the only new bank notes he  sees frequently are the new D5 and D20 dalasi, the Blue one and the green one.

Similar comments were echoed by Fatou Sanneh, a groundnut and fruit vendor along the  Serrekunda / Brikama Highway.

Yuspha Drammeh, a Photographer opined that, 75% of his business transactions are based on the old currency notes.

Even at the banks this reporter observed that most of the transactions are done using the old Bank notes.

According to Section 160 of the Constitution, the Central Bank of the Gambia shall be the only authority to issue the currency of the Gambia and has the duty to promote and maintain the stability of the currency. This is why Foroyaa has made many attempts to have an interview with the Governor to find out how they intend to deal with inflation and other problems that may arise using the old and new currencies at the same time. If we succeed we will accordingly inform readers on the position of the Bank.